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26 U.S.C. § 103 - U.S. Code - Unannotated Title 26. Internal Revenue Code § 103. Interest on State and local bonds

Current as of January 01, 2024 | Updated by FindLaw Staff

(a) Exclusion.--Except as provided in subsection (b), gross income does not include interest on any State or local bond.

(b) Exceptions.--Subsection (a) shall not apply to--

(1) Private activity bond which is not a qualified bond.--Any private activity bond which is not a qualified bond (within the meaning of section 141).

(2) Arbitrage bond.--Any arbitrage bond (within the meaning of section 148).

(3) Bond not in registered form, etc.--Any bond unless such bond meets the applicable requirements of section 149.

(c) Definitions.--For purposes of this section and part IV--

(1) State or local bond.--The term “State or local bond” means an obligation of a State or political subdivision thereof.

(2) State.--The term “State” includes the District of Columbia and any possession of the United States.

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Cite this article: FindLaw.com - 26 U.S.C. § 103 - U.S. Code - Unannotated Title 26. Internal Revenue Code § 103. Interest on State and local bonds - last updated January 01, 2024 | https://codes.findlaw.com/us/title-26-internal-revenue-code/26-usc-sect-103/

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